Sale and distribution of films now included under royalty and hence TDS would be applicable. But the rate( 2% or 10%) is not clear after the amendment to Finance act 2020. Please refer below

As per the Finanace Act 2020,

In section 194J of the Income-tax Act, in sub-section (1),––
(a) in the long line, for the words “ten per cent. of such sum”, the words and
brackets “two per cent. of such sum in case of fees for technical services (not being a
professional services, or royalty where such royalty is in the nature of consideration for
sale, distribution or exhibition of cinematographic films and ten per cent. of such sum in
other cases,” shall be substituted;

So TDS for sale and distrubtion of films is now 2% or 10%. Please clarify

is it possible to adjust liability of IGST with refund of CGST and SGST in annual return.

if no, pls suggest what to do because i have to pay IGST liability then how i can claim refund because it belongs to March 2018 and now its April 2020.

For the month of March 2018, i have claimed IGST input instead of CGST and SGST.
Now in April 2020 while filing annual return for 2018-19 it came to knowledge.

Pls suggest what show i do.

Is TDS applicable on R & D services,Under which section it will be applicable?

I am running a private library whose turnover likely to cross Rs 20.00 lakh, whether running a private library or reading rooms services is taxable services or not, please also quote HSN.

Thanks in advance.

Please clarify RCM application on director remuneration paid by the company read with notification 13 of 2017

Sir,

I want to gift 3lac to my brother , here i want to know where it will effect in Income tax whether in Balance sheet or capital account and under what head.

Please suggest

Hi,

Should accrued liabilities while preparing financials where invoices have not been received yet include GST?

How much cash can be received by a whole seller in a single day against a single invoice?
Further I want to know if payment made for business expenditure of more than 10000 in a single day to a single person, it disallowed to person who made it but who received the payment, what will be the impact in his book?

Dear Sir's,

This case pertains to our Company. Following are the facts.

1. Export Sales Invoice done on 1st March 2020 for US$.225,000.00

2. Let Export given by customs and dated as 20th March 2020.

3. Containers stuffed with the cargo and in Nhavasheva Port.

4. Due to lockdown the Vessel could not dock and now the cargo in inside the Port premises. Once the lockdown in open we will immediately dispatch the goods and the Bill of Lading will be dated as maybe 20th April 2020.

Now my question is:

1. As the Sales has been booked on 1st March 2020 will the sales stand in the accounts books for the Financial Year 2019 - 2020.

2. As the Customs has given Let Export order and in the Customs web site it has been registered as sale in this Financial Year 2019 – 2020.

3. Will the Bill of Lading which will have date a of 20th April 2020 wherein only physical movement will be done have a effect on the sales for the Financial Year 2019 – 2020.

Kindly get a detailed written reply from you Professional Contacts as our CFO is telling us that he will cancel this sale and re-book in the year 2020 – 2021

Awaiting your reply to this mail.

Thanks & best regards,

CARL M. MATHIAS